Rising Demand for Allergy Treatments to Drive the Allergy Treatment Market
Rising Demand for Allergy Treatments to Drive the Allergy Treatment Market
Blog Article
Allergy is a condition in which the immune system reacts to normally harmless substances in the environment called allergens. Allergies can cause symptoms in different parts of the body like eyes, nose, sinuses, throat, lungs, skin or digestive system. Allergy treatments are aimed at reducing or eliminating allergic symptoms through medications like antihistamines, corticosteroids, and immunotherapy. Increasing air pollution levels and change in lifestyle have led to rising prevalence of allergic diseases such as asthma, allergic rhinitis, food allergies etc. growing the need for allergy treatments. The Global allergy treatment market is driven by rising healthcare expenditure, increase in environmental pollution, and sedentary lifestyle among the populace.
The global allergy treatment market is estimated to be valued at USD 21.19 Bn in 2024 and is expected to reach USD 34.42 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Key Takeaways
Key players operating in the Allergy Treatment market are Sanofi, Novartis, GSK plc, Johnson and JohnsonServices, Inc., F. Hoffmann-La Roche Ltd., Stallergenes Greer, Dermapharm Holding SE, Nicox, Allergy Therapeutics, AbbVie Inc., Teva Pharmaceutical Industries Ltd., Alembic Pharmaceuticals Limited, ALK-Abelló A/S, Bausch Health Companies Inc., GLENMARK PHARMACEUTICALS LTD., Perrigo Company plc, and Dr Reddy's Laboratories Ltd. The rising Allergy Treatment Market Growth is led by increasing pollution levels, change in climatic conditions and growing adoption of sedentary lifestyle in developing countries. Rapid technological advancements are simplifying allergy diagnosis and enabling development of novel drugs with improved efficacy.
Market Trends
Increasing adoption of combination therapies: Growing demand for highly effective treatments with minimal side effects is driving the adoption of combination therapies using sublingual and subcutaneous allergen-specific immunotherapy.
Novel drug delivery methods: Companies are focusing on novel drug delivery methods such as sublingual and epicutaneous immunotherapy to overcome limitations of conventional allergen immunotherapy. This is expected to drive the market.
Market Opportunities
Undiagnosed allergies in developing regions: Significant proportion of allergic patients remain undiagnosed in developing countries due to lack of awareness and healthcare access. This represents an opportunity for greater penetration of allergy therapeutics.
Emerging economies: Rising income levels and improving healthcare infrastructure in developing countries of Asia Pacific and Latin America will boost the demand for allergy treatments in the forecast period.
Impact of COVID-19 on the Allergy Treatment Market
The COVID-19 pandemic severely impacted the growth of the Allergy Treatment Market Regional Analysis globally. During the initial months of the pandemic, patient visits to physicians drastically declined due to lockdowns and social distancing norms imposed by various governments. This led to reduced diagnosis of allergies and lower prescription rates for various treatments such as antihistamines and corticosteroids. Manufacturing and supply chain disruptions also affected the production and availability of different drugs and formulations used for allergy treatment.
However, as restrictions were gradually lifted, the market started witnessing positive signs of recovery. With the resumption of routine healthcare services and increased awareness among patients about managing their allergy conditions even during the pandemic, the demand picked up steadily. Many companies also ramped up their production capacities and streamlined logistics to ensure continuous supply. Telemedicine and online consultations further aided in diagnosis and management of allergy cases without the need for in-person visits.
Going forward, the market is expected to grow at a healthy rate on the back of various factors. The development of novel drugs and therapies targeting specific allergens will expand treatment options. Greater focus on preventive healthcare and wellness is encouraging people to seek early diagnosis and management of allergic triggers. Favorable reimbursement policies are also increasing affordability of treatments. While short-term disruptions from future waves cannot be ruled out, the long-term outlook of the allergy treatment industry remains positive.
In terms of geography, North America is currently the dominant market for allergy treatment accounting for over 40% of the global value share. This is attributed to the rising prevalence of allergic diseases, robust healthcare infrastructure, growing adoption of advanced therapies and high patient affordability in the region. However, Asia Pacific is emerging as the fastest growing regional market owing to its huge population base suffering from allergies, increasing healthcare spending, growing medical tourism and expansion of key pharma companies in the region. Countries like India, China and Japan are projected to drive the market growth in Asia Pacific over the coming years.
The United States holds the leading position in North America due to presence of major players, rising awareness about allergic disorders, and favorable reimbursement scenario supporting the access to expensive treatments. Within Asia Pacific, China and India have been the hottest markets based on factors such as significant patient pool, rapid socio-economic development and rising priority on non-communicable diseases.
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